News Nation Logo

Bank of Baroda, Vijaya Bank and Dena Bank to be merged, to become India's third largest bank

News Nation Bureau | Edited By : Aniruddha Dhar | Updated on: 17 Sep 2018, 11:19:04 PM
Finance minister Arun Jaitley said no employee will face any service conditions which are adverse in nature.

New Delhi:

The Centre on Monday announced the merger of three banks -- Dena Bank, Vijaya Bank and Bank of Baroda – into a single bank.The merger will make it the third largest bank of the country, said financial services secretary Rajiv Kumar.

Also Read | Manohar Parrikar in hospital, Congress stakes claim to form government in Goa

Boards of the three banks will examine amalgamation proposal, Kumar told a news conference in New Delhi.He said the banking sector needs reforms and the government is taking care of banks' capital needs.

Rationalisation of overseas operation in banking sector is in full swing, he said, adding the government is keen to take steps so that history isn't repeated as far as NPAs are concerned. Union finance minister Arun Jaitley said the government had announced in the budget that  consolidation of the banks was also in the government’s agenda and the first step has been announced. 

“No employee will face any service conditions which are adverse in nature. The best of the service conditions will apply to all of them,” Jaitley assured.

(With PTI inputs)

For all the Latest Business News, Download News Nation Android and iOS Mobile Apps.

First Published : 17 Sep 2018, 07:05:13 PM